Smith has $3.8 million of his $15.7 million salary guaranteed next season, so Cleveland will certainly waive him if they can't find a trading partner for him. In order to get Smith off the books, the Cavs would certainly have to attach an asset to Smith in a trade, so I just expect they swallow the $3.8 million cap hit and waive him.

 

Smith had a lost year, so it's uncertain the level he will be at next season. I expect multiple playoff teams to show some interest in Smith because of his shooting ability, but he'll have a hard time finding any offers above the minimum.